Accedo and Magine Pro have agreed to carve out and merge their respective software platform businesses Accedo One and Magine Pro into a new jointly owned company. The new entity will operate separately from the Accedo Group but use the reach of Accedo as a key business partner and reseller of products and solutions. Given the similarity of their offerings, a strategic combination by both Swedish companies appeared inevitable.
Michael Lantz, the chief executive of Accedo said: “Our customers expect us to lead product innovation and continue to drive the best experience both for them and the end user. Together with the talented team from Magine Pro, we will be able to focus our resources on growth and innovation.”
His counterpart at Magine Pro, Matthew Wilkinson, added: “With the maturing market for streaming, we believe that the winners will be the companies that can best help customers build thriving OTT businesses. Accedo is an ideal partner to create a joint venture with Magine, given their global reach, mature tech stack and headquarters in Stockholm, Sweden.”
Markus Hejdenberg, the current chief executive of Accedo One, will take the same role in the new company, while Matthew Wilkinson, who is currently in that position at Magine Pro will become Chief Commercial Officer.
Kamal Bherwani, who will become chair of the new entity, said: “This joint venture marks a pivotal moment for the streaming industry. By uniting the strengths of Magine Pro and Accedo One, we are creating a company with the scale, expertise, and ambition to redefine SaaS solutions for OTT streaming worldwide.”
Accedo was founded in 2004 and is based in Stockholm, with 15 offices around the world. Magine Pro was founded in 2011 and is also based in Stockholm.